There are roughly five elements that literature might consider the key components of making a piece something considered 'good'.
Characters:
What really makes readers like your work, and what I consider the most important element, is the people or things that your story revolves around. They should be likable as well as someone who the reader could relate to. They should not be 'mary sues', nor 'plain janes'. You need to find a balance in between that works for you.
Setting:
Setting in its most basic explanation is the time and place in which your story takes place. Whether it be medeival times in the middle of a war for land or futuristic alien invasions, the setting should affect your characters and events that take place in the story.
Style:
How you write your story has a large impact on what your readers think. You should consider point of veiw. Will you be speaking in first person (uses the pronoun 'I'), second person (refers to 'you'), or third person ('he/she/it/they'). Your sentences should flow, and be understandable.
Plot:
The plot is basically what happens in your story. Does the princess get locked away in a dungeon and must sing her prince's sleepwalking body to set her free? Is your main character a boy who makes the wrong wish to a soul-eating genie? Only you can decide.
Theme:
Is is romantic, dramatic, mysterious? What is the moral of the story? Does it teach your readers anything about how to deal with what life throws your way? The answer to all of these questions would be considered the theme of the story. If you could sum your book up in one word, what would it be?
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